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Saturday, April 9, 2011

Anna Hazare gives Insurance companies ideas

No we are not talking about life insurance coverage on death due to fasting. The protests in and around Jantar Mantar has affected the sales of shops in nearby markets. Anna Hazare and thousands of his followers and admirers have crowded the streets in and around Jantar Mantar rallying support to get a strict legislation turned into a bill. The bill will help curbing corruption in the system. Business Insurance has now become an essential financial instrument for most shopkeepers in India.

Now General Insurance companies have got an idea for a new form of cover through insurance. A “denial of access” would be a new form of insurance cover. In this the insured would be compensated due to drop is sales when the customer is unable to reach the business establishment. This new cover will be very popular according to the insurers. The policy has a lot of potential. Just take a small of example such as Delhi. There is constant maintenance and construction work going on in Connaught Place. Also roads are regularly dug up in major market resulting in loss of customers and sales.

The same can be said with Mumbai which has problems every year when the monsoons arrive. Every part of the country could benefit from this new scheme. Many trading associations and business groups have already shown interest in such forms of Insurance.